StanChart: Customer deposit grows to GHS 10.8bn as bank posts GHS 864m profit for 2023
Customer deposits with Standard Chartered Bank grew to GHS 10.8bn at end-2023.
This marks a 32.19 percentage points increment from the previous year’s (2022) figure of GHS 8.1bn.
Growth in customer deposits is indicative of the trust customers have in the bank and further strengthens the credit creation ability of the country’s oldest commercial bank.
Customer deposits formed the chunk of the bank’s liabilities which stood at GHS 11.9bn at end-2023 from GHS 9.03bn at end-2022.
Total assets value of the bank peaked at GHS 13.9bn at the close of 2023, marking some GHS 3.6bn increment in assets value when compared to the GHS 10.3bn assets value recorded in 2022.
Mainly accounting for the surge in assets value were cash and cash equivalents (GHS 4.3bn), loans and advances to customers (GHS 2.1bn) and investment securities (GHS 6.6bn).
Profit recorded by the bank for the 2023 fiscal year was GHS 864m, an impressive recovery from the GHS 299m loss recorded in 2022 as a result of the Government’s domestic debt exchange programme.
The loan asset quality of the bank improved in the review year with Standard Chartered closing the year with a non-performing loan ratio of 9.29%.
This is a 2.75% decline in NPLs from the 2022 NPLs ratio of 12.04%.
Capital Adequacy Ratio (CAR) of the bank also improved to 27.74% at end-2023 from 22.9% at end-2022.
